- The Financial Conduct Authority (FCA) added nine crypto and financial services companies to its warning list recently.
- The companies listed include Olympus Global, STS Royals, Bitcoin Evolution, Walker Bryan, etc.
The UK’s Financial Conduct Authority (FCA) has recently added nine crypto and financial services organizations to its warning list. According to a FinanceMagnates report, the list of firms includes Olympus Global, STS Royals, Bitcoin Evolution, Walker Bryan, Credit Union Fund, My Safe Market, Carter FS and Standard Bit Options.
The authorities have also issued a warning over a replica of Ignis Markets, which has been duping users. The UK regulatory body said:
We believe this firm has been providing financial services or products in the UK without our authorization.
This is what we call a ‘clone firm’; and fraudsters usually use this tactic when contacting people out of the blue, so you should be especially wary if you have been cold called. They may use the name of the genuine firm, the ‘firm reference number’ (FRN) we have given the authorized firm or other details.
As per the report, the companies mentioned above are accused of offering unrealistic investment services. One platform had even provided trading services with a ridiculous 200x leverage. The FCA added:
Almost all firms and individuals offering, promoting or selling financial services or products in the UK have to be authorized by us. However, some firms act without our authorization and some knowingly run investment scams.
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